News: Brokerage
Posted: March 19, 2019

Amato and Kontis of TEK Realty Advisors sell Long Island City multifamily for $1.835 million

Vincenzo Amato,
TEK Realty Advisors LLC

 

Theo Kontis,
TEK Realty Advisors LLC

 

Queens, NY TEK Realty Advisors LLC (TEKRA) has facilitated the sale of 34-32 43rd St., a value-add multifamily building in Long Island City. The all-cash transaction was valued at $1.835 million, which equates to or $339.81 per s/f or $305,833 per unit. 

The three-story building contains six apartments across 5,400 s/f and sits on a 28’x100’ lot between 34th Ave. and 35th Ave. 

“The property is in a pocket of Long Island City that is often overlooked by investors and developers, however, with the birth of Opportunity Zones, the area is beginning to see more activity as surrounding and nearby parcels begin to look more attractive” said TEKRA’s Vincenzo Amato, who along with Theo Kontis represented the seller and procured the purchaser. 

The property is three blocks to the Steinway St. M and R trains providing access into Manhattan within 10 minutes. 

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